Dealer won't send terms of loan/contract?

[joeshmoe]

Hey guys,

Going to pick up our new camper from a dealer in Oregon on Thurs.

Everything has been done over the phone and online, but when I asked for them to send me the contract/loan agreement to look over, I was told that legally, they can't; that "I need to be present when an installment loan is being handled". That's Oregon State law, according to them. Anyone know if this is true? I'm kinda leaning towards BS, personally. I just want to review the contract before I drive 900 miles. I think it's just a tactic to ensure that they get you there and signed off. They know nobody's really gonna drive hundreds of miles only to renege on the deal?

UPDATE:

A copy of the Loan conditions and fine print were finally emailed. Nothing out of the ordinary. Will update if they decide to make any "Changes".

[Crowe]

Glad you got what you needed. Your post sounded like a classic case of buyers remorse. Very strange they wouldn't send the "fine print" with the original terms. I probably would have walked away, but I can be a bit "suspicious" at times!

[joeshmoe]

Crowe wrote:
From first post:

I just want to review the contract before I drive 900 miles.

From a later post:

I have all the terms in email form.

So which is it? This statement contradicts your post title. Do you have the details or don't you? If you've got the Ts & Cs, what's the issue? Bring a copy with you, compare the two, if there are differences then walk away. Personally if any company ever said I couldn't see the whole contract prior I'd run. Sounds to me like you are getting cold feet and are looking for an excuse to get out of it.

Actually, you couldn't be more incorrect.

Did I have the basic terms of the loan? Yes. That would be the agreed cost of the unit, the down payment, interest rate and length of the loan. Those are the terms. What I didn't have as of my OP, were the conditions, clauses etc., etc. Basically, all the legalese fineprint in contract form. I still don't understand why they were being so difficult about it. But I got what I needed, so we will be making the purchase like we intended.

Cold feet? Nah. My wife have been doing our due diligence for almost two years now. I'm not the type of person that backs out of an agreement, given that ALL the details of said agreement are disclosed.

At any rate, it's taken care of.

[revump]

Be really careful ... Sometimes it is better to find someone closer

[LostinAZ]

Most contracts today are written such that if a customer truly read them they would never sign them. The gullible public allows this to continue.

[1775]

The OP says it has all be taken care of, but in a situation like this when someone says "its the state law", you then telephone that state's Attorney General's office and ask directly. And it this is actually true, you ask how you can receive in advance the details of the legal document you will be asked to sign. You cannot be denied the opportunity to have a lawyer review the contract if you want one to.

[msmith1199]

joeshmoe wrote:
Hey guys,

Going to pick up our new camper from a dealer in Oregon on Thurs.

Everything has been done over the phone and online, but when I asked for them to send me the contract/loan agreement to look over, I was told that legally, they can't; that "I need to be present when an installment loan is being handled". That's Oregon State law, according to them. Anyone know if this is true? I'm kinda leaning towards BS, personally. I just want to review the contract before I drive 900 miles. I think it's just a tactic to ensure that they get you there and signed off. They know nobody's really gonna drive hundreds of miles only to renege on the deal?

You hit the nail on the head with the last line. They want you to get there before you see everything in case you have issues they're confident you won't just cancel the deal after driving so far. This is an old sales trick. You ever go try and buy a car and you can't get them to give you a price until you fill out all the paperwork and sit around doing all the different things for an hour or two? They do that because after you've been through all that it's less likely that you'll walk away from the deal and go to some other dealer and start it all over again.

[Mocoondo]

RL Rahe wrote:
joeshmoe

They should be able to send you a buyers order with sales numbers but sending an unsigned bank contract is problematic. That is in the package that needs to kept in secure document area at the dealership by law. I would be uneasy sending an unsigned bank contract as well.

It is not a contract until it is signed. I own a dealership in Illinois and there is no such law or regulation on the books.

If the customer wants a copy of the Retail Installment Contract to review in advance of signing, there is no reason why that cannot be supplied to the customer.

In fact, ALL BUYERS should request a copy of the long form Retail Installment Contract and read it in its entirety in the comfort of their own home before executing the document in the F&I office.

[Tvov]

RL Rahe wrote:
joeshmoe

They should be able to send you a buyers order with sales numbers but sending an unsigned bank contract is problematic. That is in the package that needs to kept in secure document area at the dealership by law. I would be uneasy sending an unsigned bank contract as well.

There should be no problem with them sending a copy and label it as such - something along the lines of "not a legal document, for review purposes only" type of thing.

[RL_Rahe]

joeshmoe

They should be able to send you a buyers order with sales numbers but sending an unsigned bank contract is problematic. That is in the package that needs to kept in secure document area at the dealership by law. I would be uneasy sending an unsigned bank contract as well.

[KA4EBU]

They want you there to sell you their extended plans, upgrades, insurance and what ever they are pushing that day.
Don't go. They will come around.

[Crowe]

From first post:

I just want to review the contract before I drive 900 miles.

From a later post:

I have all the terms in email form.

So which is it? This statement contradicts your post title. Do you have the details or don't you? If you've got the Ts & Cs, what's the issue? Bring a copy with you, compare the two, if there are differences then walk away. Personally if any company ever said I couldn't see the whole contract prior I'd run. Sounds to me like you are getting cold feet and are looking for an excuse to get out of it.

[Bumpyroad]

don't do it. they can certainly send you a copy of what will be presented at closing. run forrest run.
bumpy

[joeshmoe]

pitch wrote:
I would not be that concerned. This is an established dealer correct? You did your due diligence on dealer reputation didn't you?
99.9% chance if you did your homework and they are a reputable dealer it will be the standard boiler plate contract. You said they sent you the terms and conditions electronically. What more do you want?
You could ask for a blank contract just to read the fine print, but like I said that is just boiler plate you agree to the encumbrance, they agree to loan you x dollars at x rate for x term. Late fees and penalties are usually set by state law.
Even when you sit down there will be plenty of blank spots on the contract because for only &16.00 a month you can finance a yearly hosing.
I think you are making a mountain out of a molehill.

You're correct on all points. We did our due diligence and were satisfied. That's why we went ahead with the deal. I contacted the dealer about 4 hours ago(they're closed on Sun.) and got a response a little bit ago. It's not going to be an an issue.

Thanks for all the replies.

Regards from my mountain-molehill

pm me let me know dealer i live in oregon i know most good dealrs in willamette vally western oregon

Not necessary. It's handled. Thanks.

[musicman54]

pm me let me know dealer i live in oregon i know most good dealrs in willamette vally western oregon

[pitch]

I would not be that concerned. This is an established dealer correct? You did your due diligence on dealer reputation didn't you?
99.9% chance if you did your homework and they are a reputable dealer it will be the standard boiler plate contract. You said they sent you the terms and conditions electronically. What more do you want?
You could ask for a blank contract just to read the fine print, but like I said that is just boiler plate you agree to the encumbrance, they agree to loan you x dollars at x rate for x term. Late fees and penalties are usually set by state law.
Even when you sit down there will be plenty of blank spots on the contract because for only &16.00 a month you can finance a yearly hosing.
I think you are making a mountain out of a molehill.